Newton Williams Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06993361 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

NEWTON WILLIAMS PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G E Williams

J D Williams

S P Newton

REGISTERED OFFICE:

12 Conqueror Court

Sittingbourne

Kent

ME10 5BH

REGISTERED NUMBER:

06993361 (England and Wales)

ACCOUNTANTS:

Williams Giles Professional Services Ltd

Chartered Accountants

12 Conqueror Court

Sittingbourne

Kent

ME10 5BH

FIXED ASSETS

Tangible assets

4

6,620

8,827

CURRENT ASSETS

Stocks

674,686

965,959

Debtors

5

20,734

21,416

Investments

6

1

452

Cash at bank and in hand

303,311

76,277

998,732

1,064,104

CREDITORS

Amounts falling due within one year

7

634,346

753,977

NET CURRENT ASSETS

364,386

310,127

TOTAL ASSETS LESS CURRENT LIABILITIES

371,006

318,954

PROVISIONS FOR LIABILITIES

1,258

1,677

NET ASSETS

369,748

317,277

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

369,745

317,274

SHAREHOLDERS' FUNDS

369,748

317,277

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2020 and were signed on its behalf by:

G E Williams - Director

1.	STATUTORY INFORMATION

Newton Williams Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or from the rendering of services.

Sale of goods

Turnover from the sale of property is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of property rental services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Inventories

Inventories have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

Financial instruments

Financial assets - trade and other debtors are basic financial instruments and debt instruments measured at fair value through the Income Statement and are measured subsequently at amortised cost. Prepayments are not financial instruments.

Cash comprises cash at bank, in hand and short term deposits with an original maturity date of three months or less. Cash at bank is measured at face value.

Financial liabilities - trade creditors and other creditors are measured initially at fair value through the Income Statement and are measured subsequently at amortised cost.

Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Listed investments

Listed investments are stated at market value less an provisions for impairment. Investments are reviewed for impairment annually and if events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairments are calculated such that the carrying value of the asset investment is lower of its cost or recoverable amount. Recoverable amount is higher of its net realisable value and its value-in-use.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2019

and 31 March 2020

35,078

15,484

938

51,500

DEPRECIATION

At 1 April 2019

32,879

9,148

646

42,673

Charge for year

550

1,584

73

2,207

At 31 March 2020

33,429

10,732

719

44,880

NET BOOK VALUE

At 31 March 2020

1,649

4,752

219

6,620

At 31 March 2019

2,199

6,336

292

8,827

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2019

15,484

Transfer to ownership

(15,484

)

At 31 March 2020

-

DEPRECIATION

At 1 April 2019

9,148

Charge for year

1,584

Transfer to ownership

(10,732

)

At 31 March 2020

-

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

6,336

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

20,734

21,416

6.	CURRENT ASSET INVESTMENTS

2020

2019

£

£

Listed investments

1

452

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts

-

4,304

Trade creditors

65,670

26,682

Taxation and social security

14,564

32,115

Other creditors

554,112

690,876

634,346

753,977

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

-

4,304

There is a charge in the form of a negative pledge against some land purchased during the year that is currently being developed for re-sale.